Following Fedwire’s successful migration to ISO 20022, Volante enables banks of all sizes to move beyond translation-based fixes and embrace full ISO-native modernization.

Volante Technologies, the global leader in Payments as a Service (PaaS), today announced the successful migration of all banking customers to the ISO 20022 messaging format for the Fedwire Funds Service, which includes financial institutions ranging from a few billion dollars in assets to multiple trillion-dollar systemically important financial institutions (SIFIs).

According to the Federal Reserve’s historical data, the Fedwire system settles roughly over $4.7 trillion in wire transfers each day. As of the July 14 ISO 20022 migration deadline, Volante customers now process more than $1.4 trillion daily, approximately 30% of total Fedwire values, through Volante’s ISO-native, mission-critical platform.

The migration marks a significant modernization milestone, enabling Fedwire’s seamless integration with SWIFT and other prominent real-time gross settlement systems around the world. Along with CHIPS, Fedwire handles nearly all U.S. high-value payments and now operates under a common, data-rich, and more efficient messaging standard. With the instant payment networks FedNow and RTP also ISO-native, the U.S. payments system is now broadly unified under one messaging standard, from wires to real-time payments.

“We’d like to congratulate the entire Fedwire Funds Service team on the successful migration to the ISO 20022 messaging standard,” said Deepak Gupta, EVP, Product, Engineering & Services, Volante Technologies. “Volante has invested in ISO 20022 modernization for over a decade now, and today our platform isn’t just ISO-compliant – it's ISO-native. Over the past two years, we’ve helped our customers strengthen the extensibility, scalability, and resiliency of their payments systems.”

“This approach made the transition seamless, and although many institutions anticipated challenges with the migration, every Volante customer was back to business-as-usual on day one of the go-live. In fact, one global money center bank even shared that they can now focus on long-term strategic goals much sooner than initially forecasted,” Gupta added.

As the migration was mandatory, many financial institutions opted for a translation-based approach to meet basic Fedwire compliance. While this method enabled legacy systems to achieve basic compatibility, it also created limitations. Institutions taking this route are unable to take full advantage of ISO 20022’s extended data benefits, such as enhanced data quality, improved compliance, better cross-border interoperability, and straight-through processing (STP) rates of up to 99% for both inbound and outbound transactions at global banks.

“Volante helps financial institutions of all sizes move beyond short-term translation-based approaches, enabling them to fully modernize their infrastructure, often within six to nine months,” continued Gupta. “Banks who take a proactive, strategic approach to ISO modernization will be those best positioned to unlock long-term value, future-proof their operations, and differentiate from competitors, ultimately leading the next era of payments.”

To learn more, visit https://www.volantetech.com/fedwire-chips-payments/

About Volante Technologies

Volante Technologies is the trusted cloud payments modernization partner to financial businesses worldwide, giving them the freedom to evolve and innovate at record speed. Real-time native, API enabled, and ISO 20022 fluent, Volante's Payments as a Service and underlying low-code platform process millions of mission-critical transactions and trillions in value daily. Volante’s customers include four of the top five global corporate banks, seven of the top ten U.S. banks, and two of the world’s largest card networks. Learn more at www.volantetech.com and linkedin.com/company/volante-technologies.

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Volante customers now process more than $1.4 trillion daily, approximately 30% of total Fedwire values, through Volante’s ISO 20022-native platform.